Our Managing Director, Samantha Love, shares her thoughts on West Sussex’s housing market, as latest data confirms buyer demand is still robust.

Buyer demand is still going strong in West Sussex despite rising energy bills and interest rates, according to house selling weather forecast, PropCast.

PropCast has looked at how popular postcode districts are with property buyers currently, by calculating the number of homes under offer or subject to contract across the county as a percentage of total stock for sale. The temperature metaphor is often used when describing property markets and so using artistic licence, PropCast uses a degree to express a percentage.

The clever tool has found that currently, all postcode districts in West Sussex are in a very hot sellers’ market with temperatures higher than 50°, indicating it is much easier to sell a property here. This should bring confidence to local homeowners that quick sales and good prices are still being achieved despite concerns over the rising costs of living – as long as the property is being marketed and valued correctly from the offset of course!

Our sales team at Hancock & Partners thought it may be useful to show you how the property market in our patch – Chichester, Midhurst and their surrounding villages – is performing. Here are the results in PropCast’s market heat order…

Postcode District Market Heat Market Type
GU29 66° Very hot sellers’ market
PO10 65° Very hot sellers’ market
PO18 63° Very hot sellers’ market
PO20 59° Very hot sellers’ market
PO19 57° Very hot sellers’ market

Source: PropCast/TheAdvisory

The Midhurst area of GU29 recorded the highest market heat temperature at 66°, meaning 66% of homes for sale are currently under offer or subject to contract. This is followed by PO10 (65°), PO18 (63°), PO20 (59°) and PO19 (57°).

PropCast has also noted that buyer demand has risen in Chichester city by 14% over the last twelve months, whilst increasing 8% over the last year in Midhurst, and 15% in the last month – indicating that people are moving back to an urban way of life.

So what are our thoughts?

There is still an imbalance between supply and demand across the board, meaning there aren’t enough homes for sale compared to the number of people looking to buy one. This has meant our region has achieved record prices over the last two years – a trend that is still continuing, especially at a time when it’s traditionally a busy time of year for the property market anyway.

During the pandemic, many people left their urban homes seeking more space and fresh air in the countryside, but city/town life is back on buyers’ radars once more. They are most likely being drawn by the wealth of work and leisure opportunities and urban amenities on offer, along with the social side of things. Whether business meetings or just meeting a friend for a cup of coffee, confidence has returned for getting together in the hub of city/town centres. Chichester for example has loads of amazing things going on all year round, during the day and at night. The Festival Theatre plays a vital role, as do the various bars, pubs, restaurants and cafes which are open again and thriving. Whilst in Midhurst, its ancient market town high street comprises of independent shops, delis, cafes and restaurants, with Cowdray Farmshop at one end and a leisure centre at the other. I think people have realised that they can live a wonderful life in a more urban set up again, with the added benefit of local beaches, cycling routes and walking paths on their doorstep. We have a wide range of registered buyers for Chichester and Midhurst now which has notably increased during 2022, to include buy to let investors, young professionals and downsizers.

Of course, Chichester’s villages are still very popular – particularly with the over 50’s and families seeking a bigger house and garden. Premiums are still being paid. For example we recently sold a three-bed house at 3% over the asking price within a week of launch. These villages still have huge appeal given their relaxed, rural character and vibrant community spirit, with a wide range of lifestyle-enhancing options available to residents. Chichester city is still easily accessible for fun days out or for an evening show.

Considering selling?

If you’re considering selling, now could be the best time to be putting your house on the market with buyer demand strong and warmer weather bringing pretty gardens and more light to homes. Please do contact our sales team on 01243 531155 or office@hancockpartners.co.uk.